Growing demand for insulated flooring for comfort and sound insulation properties is driving the market revenue growth.
NEW YORK, NY, USA, May 12, 2022 /EINPresswire.com/ — The global flooring market size is expected to reach USD 576.47 billion in 2030 and register a revenue CAGR of 5.5% on the forecast period, according to the latest report by reports and data. Rising investments in construction and renovation industries along with recent lifestyle changes induced by the effect of the pandemic have increased the demand for home interior designs which in turn is boosting market revenue growth.
Interior design aims to create aesthetic spaces in a particular residential or non-residential area. An upward trend in investment in interior design has been particularly observed during the pandemic period, with increased spending being allocated to improving personal space, improving aesthetics and updating in value of personal wealth. This factor is expected to drive the revenue growth of the market. Advancements in technology have improved flooring products with such properties as – anti-slip, sound insulation, increased durability, good acoustics, and resistance to dust and moisture. These properties or characteristics will create an increased demand for flooring products which will contribute to the market revenue growth.
However, delays in construction projects are one of the factors that might hamper the market revenue growth during the forecast period. In addition to cost repetitions and delays, the raw materials needed for construction and design, with cost volatility, affect purchases. This calls into question the rapid delivery of the product, the increase in prices, which is expected to restrain the market revenue growth.
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Major companies in the global market report include Mohawk Industries, Inc., Gerflor Group, Toli Corporation, Congoleum Corporation, The Dixie Group, Inc., Shaw Industries Group, Inc., Mannington Mills, Inc., Forbo Holding AG., Tarkett SA and LG Hausys, Ltd.
Some highlights of the report
• The flexible coatings segment is expected to register a steady revenue growth rate over the forecast period. The soft liner segment can be divided into foam, soft plastic and cork laminate. The rise in demand for resilient flooring can be attributed to the ease and pleasurable experience it provides to users. This is the primary driver of segment revenue growth.
• The Tiles segment is expected to register a steady revenue growth rate during the forecast period. Tiles are a preferred product for flooring due to their low cost and availability. The tiles also have the added benefit of being scratch and stain resistant, making them suitable for adoption in low-income households.
• Residential building segment is expected to account for the largest revenue share in the global flooring market between 2022 and 2030. Rapid growth in new construction works as well as resumption of old construction works is expected to increase the demand for materials flooring, which in turn should drive revenue growth. of the segment.
• The Latin America flooring market is expected to account for a minor share of the global market revenue during the forecast period. The rapid demand for custom flooring is increasing its demand in various countries in the region. The increase in flooring requirements to accommodate the growth of healthcare and educational facilities in the region is also another factor that is expected to boost the flooring market revenue growth.
• On March 29, 2022, Mikasa Floors, which is a subsidiary of Greenlam Industries Ltd. unveiled new products for its 2022 collection. The main attraction of the new wood flooring collection includes products in 11 new aesthetic colors and 24 new products inspired by consumer feedback.
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For the purpose of this report, Reports and Data has segmented the global flooring market based on type, application, material and region:
Type Outlook (Revenue, USD billion; 2019-2030)
• Not resilient
• Soft coating
• Other types
Application Outlook (Revenue, USD Billion; 2019-2030)
• Health buildings
• Educational buildings
• Residential buildings
• Sports complexes
Material Outlook (Revenue, USD Billion; 2019-2030)
• In wood
• Vinyl and rubber
• Floor tile
Regional Market Segmentation:
• North America
o United States
o United Kingdom
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia-Pacific
• Latin America
o Rest of Latin America
• Middle East and Africa
o Saudi Arabia
o Rest of the Middle East and Africa
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Key points of the global flooring market report:
• A comprehensive overview of the global flooring industries.
• Accurate market projections in terms of market size, share and volume over the forecast period.
• In-depth study of global market dynamics, which includes key growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
• In-depth analysis of many upcoming and latest market trends.
• In-depth study of the main regional markets.
• Detailed overview of the competitive landscape of the global flooring market.
• Qualitative and quantitative analyzes of the global flooring market.
• Brief overview of company profiles and portfolios, and crucial information on product lines and applications.
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